There doesn't seem to be a thread about custom indicators, so I thought I'd start one - (Mods, please feel free to move this if appropriate or attach it elsewhere). I've built a number of them as I learn the ins & outs of the language, and would like to pass on the ones that work, particularly in the hope that folks will point out ways to use/improve/correct them, as well as supply their own. If you decide to post your own, please supply what ever functions (out side the standard library) that are called, so that others can try it out as well; and please, no executables (just mq4 type files). Also, copyleft or public domain preferred...
This one works sort of like Bollinger bands, but tracks the data much more closely since it uses a leading edge estimate rather than an average,(which lags the trend by 1/2 the sampling length). I'm working on improving the computational cost via a Kalman Filter, since as it is it uses a fair number of cycles as it is...The way I use it is to lengthen the number of samples until a trend is apparent (on what ever chart I'm looking at), and use the resulting bands to estimate entry, exits, and stop losses. You can also set the "look ahead" variable to get a straight line estimate of where things going, but I avoid it.....Set the STD levels for either of the two available to 0 if you don't want them plotted.
This one works sort of like Bollinger bands, but tracks the data much more closely since it uses a leading edge estimate rather than an average,(which lags the trend by 1/2 the sampling length). I'm working on improving the computational cost via a Kalman Filter, since as it is it uses a fair number of cycles as it is...The way I use it is to lengthen the number of samples until a trend is apparent (on what ever chart I'm looking at), and use the resulting bands to estimate entry, exits, and stop losses. You can also set the "look ahead" variable to get a straight line estimate of where things going, but I avoid it.....Set the STD levels for either of the two available to 0 if you don't want them plotted.
Attached File(s)
GRFLeadingEdge.mq4
6 KB
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705 downloads